Daily analysis of USDX for December 01, 2017

The index is finding dynamic resistance in the 200 SMA at H1 chart and still awaits to resume the bearish bias in the short-term. We’re still expecting that USDX could make a test of the 92.70 level, while to the upside, if it breaks above the 93.60 level, then we should forecast a rally towards the 94.00 psychological zone.

H1 chart’s resistance levels: 93.60 / 93.98

H1 chart’s support levels: 92.70 / 91.85

Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the USD Index breaks with a bearish candlestick; the support level is at 92.70, take profit is at 91.85 and stop loss is at 93.53.

The material has been provided by InstaForex Company – www.instaforex.com

Source:: Daily analysis of USDX for December 01, 2017